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03.07.201506:22 Forex Analysis & Reviews: Technical analysis of AUD/USD for July 03, 2015

Long-term review

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The AUD fell sharply after retail sales data. The indicator rose 0.2% in May 2015. This follows a 0.3% rise in April 2015 and a 0.3% rise in March 2015.

AUD was trading at 0.7585 during the Asian session approaching the support zone. The strong support zone is found between 0.7550 and 0.7530 rounded to 0.7500. In case bulls lose 0.7500, close below these zone another 250 pips available on the down side with a target at 0.7250. Before further next leg down, we expect the pair to pull back slightly. In the hourly chart, mild positive divergence is taking place. Until the pair holds 0.7500, risky traders can try buying trade.

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